We are officially into 2017 and it’s full steam ahead for the Marbella property market.
Now it seems most of the predictions for the Marbella property market and Spanish property in general is making its way online. At Bromley we have some predictions of our own based on our extensive experience and longevity in the Marbella real estate market.
Last year saw many ups and downs, but not necessarily in the Marbella property market. We saw several shifts in markets but more often than not, this was a direct result of the world political forum. We already wrote a bit about Brexit and how it was very overrated with doom and gloom; then of course the US elections took place, and once again it seemed uncertainty enveloped the world’s pundits. But, despite politics, which will always remain just politics, the property market in Marbella, the Costa del Sol and the whole of Spain remains steadfast.
Marbella Real Estate and Our Predictions
We at Bromley believe this year there will be some key turning points in the Spanish property market. Considering the numbers and statistics just coming across the wire it’s not hard to see that the property market will continue its upward trend.
The recovery phase continued throughout 2016, with one main difference being the price increases not limited to Barcelona, Madrid and other desirable second home destinations. We have noticed a major drive in foreign buyers due in part to record breaking tourism here on the Costa del Sol.
Here’s a list of Bromley’s Marbella property market prediction for 2017, which will make this the year you will want to buy property in Marbella.
• We believe that a growing economy, low financing costs, good potential for rental returns and capital appreciation will continue to drive sales throughout 2017 and beyond.
• If the current trends continue, off-plan property purchases will dominate over 60% of market share.
• Price per square metre on off-plan developments could reach as much as 7,000€ per square metre.
• The interest from Middle Eastern buyers will continue to increase throughout 2017.
• We’re fed up of mentioning the referendum but just once more…despite the result Brits will continue to be the dominant buyer throughout 2017.
Airline price wars
New low cost flights are in the offing and everyone on both sides of the Atlantic are of course super excited. Flights from British Airways, Norwegian Airlines, WOW Icelandic are currently fighting for attention to capture the transatlantic market, which we believe can only have a knock-on effect throughout the entire industry. This means that jumping on a flight to Marbella looks set to become even easier on your wallet.
Watch this space for the further developments…